SPRX vs. CHAT

Last updated Apr 1, 2026

Compare and contrast key facts about Spear Alpha ETF (SPRX) and Roundhill Generative AI & Technology ETF (CHAT).

SPRX and CHAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPRX is an actively managed fund by Spear. It was launched on Aug 3, 2021. CHAT is an actively managed fund by Roundhill. It was launched on May 17, 2023.

Performance

SPRX vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

SPRX vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPRX Spear Alpha ETF	-7.54%	41.91%	20.58%	37.00%
CHAT Roundhill Generative AI & Technology ETF	4.90%	49.85%	30.98%	19.23%

Returns By Period

In the year-to-date period, SPRX achieves a -7.54% return, which is significantly lower than CHAT's 4.90% return.

SPRX

• 1D: 7.41%
• 1M: -8.64%
• YTD: -7.54%
• 6M: -7.61%
• 1Y: 79.51%
• 3Y*: 33.34%
• 5Y*: —
• 10Y*: —

CHAT

• 1D: 4.72%
• 1M: -3.19%
• YTD: 4.90%
• 6M: 3.42%
• 1Y: 82.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPRX vs. CHAT - Expense Ratio Comparison

Both SPRX and CHAT have an expense ratio of 0.75%.

SPRX

Spear Alpha ETF

CHAT

Roundhill Generative AI & Technology ETF

Return for Risk

SPRX vs. CHAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPRX

SPRX Risk / Return Rank: 86
SPRX Sharpe Ratio Rank: 85
SPRX Sortino Ratio Rank: 85
SPRX Omega Ratio Rank: 79
SPRX Calmar Ratio Rank: 91
SPRX Martin Ratio Rank: 87

CHAT

CHAT Risk / Return Rank: 95
CHAT Sharpe Ratio Rank: 96
CHAT Sortino Ratio Rank: 95
CHAT Omega Ratio Rank: 94
CHAT Calmar Ratio Rank: 97
CHAT Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPRX vs. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and Roundhill Generative AI & Technology ETF (CHAT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SPRX	CHAT	Difference
Sharpe ratio Return per unit of total volatility	1.68	2.42	-0.75
Sortino ratio Return per unit of downside risk	2.23	3.04	-0.81
Omega ratio Gain probability vs. loss probability	1.30	1.42	-0.12
Calmar ratio Return relative to maximum drawdown	3.15	4.94	-1.79
Martin ratio Return relative to average drawdown	10.00	13.74	-3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPRX vs. CHAT - Sharpe Ratio Comparison

The current SPRX Sharpe Ratio is 1.68, which is lower than the CHAT Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SPRX and CHAT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPRX	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.42	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.27	-0.95

Correlation

The correlation between SPRX and CHAT is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPRX vs. CHAT - Dividend Comparison

SPRX has not paid dividends to shareholders, while CHAT's dividend yield for the trailing twelve months is around 2.72%.

	TTM	2025	2024	2023	2022	2021
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%
CHAT Roundhill Generative AI & Technology ETF	2.72%	2.85%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPRX vs. CHAT - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, which is greater than CHAT's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for SPRX and CHAT.

Drawdown Indicators

	SPRX	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-31.34%	-19.87%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	-16.28%	-7.93%
Current Drawdown Current decline from peak	-18.60%	-6.73%	-11.87%
Average Drawdown Average peak-to-trough decline	-18.18%	-5.61%	-12.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.63%	5.85%	+1.78%

Volatility

SPRX vs. CHAT - Volatility Comparison

Spear Alpha ETF (SPRX) has a higher volatility of 18.19% compared to Roundhill Generative AI & Technology ETF (CHAT) at 13.21%. This indicates that SPRX's price experiences larger fluctuations and is considered to be riskier than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPRX	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.19%	13.21%	+4.98%
Volatility (6M) Calculated over the trailing 6-month period	35.60%	23.24%	+12.36%
Volatility (1Y) Calculated over the trailing 1-year period	47.73%	34.27%	+13.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.58%	29.27%	+12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.58%	29.27%	+12.31%